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Forex Analysis: US Dollar Classic Technical Report 12.04.2012

Forex Analysis: US Dollar Classic Technical Report 12.04.2012

Ilya Spivak, Head Strategist, APAC

Prices broke through support at the bottom of a rising channel set from mid-September, exposing the 38.2% Fibonacci retracement at 9945. A break below that targets the 50% level at 9906. The channel bottom, now at 9970, has been recast as near-term resistance. A reversal back above that aims for the 23.6% Fib at 9993.

Forex_Analysis_US_Dollar_Classic_Technical_Report_12.04.2012_body_Picture_1.png, Forex Analysis: US Dollar Classic Technical Report 12.04.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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